Investment in Real Estate, Net

9 Months Ended

Mar. 31, 2023

Real Estate [Abstract]

Investment in Real Estate, Net

Note 5. Investment in Real Estate, Net

The Company’s investment in real estate includes sixteen apartment complexes, one commercial real estate property and three single-family houses. The properties are located throughout the United States, but are concentrated in Dallas, Texas and Southern California. The Company also has an investment in unimproved land located in Maui, Hawaii.

Investment in real estate consisted of the following:

	March 31, 2023			June 30, 2022
Land	$	22,998,000		$	22,998,000
Building, improvements and equipment		73,239,000			70,933,000
Accumulated depreciation		(49,356,000	)		(47,374,000	)
		46,881,000			46,557,000
Land held for development		1,468,000			1,468,000
Investment in real estate, net	$	48,349,000		$	48,025,000

Building, improvements, and equipment are stated at cost, depreciated on a straight-line basis over their useful lives ranging from 5 to 40 years. Depreciation expense related to the Company’s investment in real estate for the three months ended March 31, 2023 and March 31, 2022 was $663,000 and $609,000, respectively. Depreciation expense related to the Company’s investment in real estate for the nine months ended March 31, 2023 and 2022 are $1,983,000 and $1,799,000, respectively.

THE INTERGROUP CORPORATION

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)